It’s Not Too Late for an IRA Contribution
Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made after the close of the year if made by the…
Don’t Ignore Household Employee Payroll Tax Rules
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding…
Haven’t Filed Tax Returns for Multiple Years? Here’s What You Need to Do Next
You’d be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it’s absolutely something that you’re supposed to do like clockwork every single year. Of course, there is a myriad of different reasons why you may have fallen behind. You could be going through something of a major life…
Are You Worried You Won’t Have Enough Money Saved for Retirement?
All of us dream of one day being able to retire – to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you’ll need a significant amount of money to do it, which is where a lot of Americans begin to worry. Saving for retirement is a constant fear…
Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages?
S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If…
Be On the Outlook for Tax Reporting Forms
With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived or will be arriving soon. Be on the lookout for them and be careful not to accidently discard any. Here are some of the common tax forms you need to be watching for depending…
What You Need to Know About Converting an S Corp to a C Corp
The type of business that you’re running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S Corp for short) is one that passes corporate income, losses, deductions, and credits to its shareholders. A C Corporation (or C Corp for short) is one…
Married? Know Your Filing Options
Married taxpayers generally have the option to file a joint tax return or separate returns, a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, or are considering doing so, you should read this article before making that decision.Depending on whether…